We Illinoisans complain about many things. Sometimes we’re right. Sometimes not. But Truth in Accounting (TIA)’s latest numbers shows that we are correct in complaining about our taxes.
Truth in Accounting’s 2014 financial analysis of Illinois found that Illinois taxpayer burden is considerably larger than our 6 neighboring states. We paid $45,000 this year, increasing from $43,400 in 2013. (Although the rate at which this Burden has increased over the past three years is significantly lower than it was between 2009 and 2011). Nonetheless – see the data below – we trump our neighbors. See Iowa – $900! And Indiana – $1500! Makes you want to live there – no?
Financial social media site WalletHub also found that Illinois was ranked as the fourth least tax-fair state in the union, just behind Washington, Hawaii and Arkansas and just ahead of Indiana, New York and Florida. On the other hand, Montana was ranked as the number one most tax-fair state in the country, followed by Oregon, South Carolina, Delaware and Idaho.
Fair is not always objective, so the authors polled a diverse economically demographic sampling of people and took its average decision. It then matched ideology of state to the state’s tax structure and discovered the following. The states that reportedly taxed ‘fairly’ were liberal. Liberals tax the higher-income a greater percentage of their income than conservatives do. Conservatives, on the other hand, still over-tax their lower-income residents.
Illinois was ranked as the number two state to overtax its low-income residents (Washington was number one) and number seven state to overtax its middle-income residents (Arkansas was number one). Fair?
Article by Leah Zitter, dbfchicago.com Writer
(Political narratives are expressed by the writer and not necessarily the view of DBF.)